| To: Ted Gregg who wrote (1242) | 12/27/1999 10:21:00 AM | | From: Lynn | | | |
Very interesting purchase. It fits in nicely with behind-the-scenes talk of some VERY LARGE shareholders of First Union (FTU) that WFC, FTU, and CMB are positioning themselves for an ultimate merger of the three. Their territories do not overlap and such a merger would truly make a national franchise--including Alaska with this purchase.
Lynn |
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| To: Lynn who wrote (1243) | 1/13/2000 12:52:00 PM | | From: JakeStraw | | | |
National Bancorp of Alaska and Wells Fargo Announce Definitive Agreement to Merge
SAN FRANCISCO/ANCHORAGE, Alaska--(BUSINESS WIRE)--Jan. 12, 2000-- Wells Fargo & Company (NYSE:WFC - news) moved one step closer to returning to Alaska today with the announcement that it has signed a definitive agreement to merge with National Bancorp of Alaska, Inc. (Nasdaq:NBAK - news).
The announcement comes three weeks after the companies said they had signed a letter of intent to merge.
''We believe Wells Fargo is the ideal partner for us as we prepare for the challenges and opportunities of this new century,'' said Edward Rasmuson, chairman of National Bancorp of Alaska. ''The new Wells Fargo has developed a nationwide reputation for its customer and community focus, innovative technology, diversity of businesses and financial strength. Like NBA, Wells Fargo has grown and prospered by investing in individuals and businesses and helping them succeed financially. Our alliance with Wells Fargo will bring Alaskans new services and expanded opportunities -- all delivered and managed locally by the same people who have an ongoing commitment to Alaska.''
''We look forward to welcoming National Bancorp of Alaska's employees to the Wells Fargo team,'' said John Nelson, group executive vice president and head of Wells Fargo's Western Banking Group. ''They have made National Bancorp of Alaska the largest and best banking company in Alaska. We look forward to working with them in the years to come to satisfy all of the financial needs of their customers and help their customers succeed financially.''
Headquartered in Anchorage, National Bancorp of Alaska has more than $3 billion in assets and 1,250 employees. It owns National Bank of Alaska, which has 53 banking stores; 130 ATMs; a full-service branch in Seattle; and insurance, mortgage, finance and leasing subsidiaries.
The companies expect to complete the merger in the second quarter of this year. The merger requires approval from banking regulators and National Bancorp of Alaska shareholders. Wells Fargo will exchange $30 worth of its common stock for each outstanding share of the common stock of National Bancorp of Alaska, for a total purchase price of approximately $907 million.
National Bancorp of Alaska's senior management will continue operating the company after the merger. The company will eventually convert to Wells Fargo's computer systems and change its name to Wells Fargo, but a definite date for that has not yet been established.
Returning to Alaska
When completed, the merger will return Wells Fargo to a state in which it once had an extensive presence. After opening a small number of offices in Alaska in 1883, Wells Fargo purchased the Alaska Pacific Express Company and its 32 offices in 1911 to serve the growing markets there.
In those days, Wells Fargo transported goods, mail and money for its customers through a nationwide network of stagecoaches, trains, ships and pony express. Wells Fargo connected its network to Alaska by using both dog sleds and horse-drawn sleds. Miners in Alaska relied on Wells Fargo to ship out their gold and to bring in goods and mail.
Wells Fargo continued to operate its Alaska offices until 1918 when the federal government, as a wartime measure, nationalized all of the country's express companies into a single, federal entity. Overnight, Wells Fargo had to sell almost all of its operations, except for its banking business in San Francisco.
Wells Fargo has grown through the years to become a $207 billion diversified financial services company. It provides banking, insurance, investment, mortgage and consumer finance services through almost 6,000 stores, the Internet (www.wellsfargo.com) and other distribution channels across North America, including all 50 states, and elsewhere internationally.
--------------------------------------------------------------------------------
Contact:
Media --
Wells Fargo & Co.
Tom Unger, 503/886-2051
or
National Bancorp of Alaska
Kathleen Soderberg, 907/265-2040
or
Investors --
Wells Fargo & Co.
Bob Strickland, 415/396-0523
or
National Bancorp of Alaska
Gary Dalton, 907/265-2994
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| To: JakeStraw who wrote (1244) | 1/18/2000 8:49:00 PM | | From: David C. Burns | | | |
Wells Fargo Earnings Up 27 Percent
SAN FRANCISCO (AP) - Wells Fargo & Company reported a 27 percent increase in fourth-quarter profits as the banking and investment company completed its first full year after merging with Norwest Corp.
Wells Fargo, the nation's seventh-largest bank, on Tuesday posted net income of $970 million, or 58 cents a share, one cent below analysts' average estimate. The San Francisco-based bank lost $194 million, or a loss of 12 cents a share, during the same quarter in 1998.
Investors, however, appeared more concerned about the risk that the Federal Reserve would soon raise interest rates, squeezing the bank's future profits. In afternoon trading, Wells Fargo's shares were off 7 percent, or by $2.93 3/4, to $38.75 on the New York Stock Exchange.
Revenues for the quarter were $4.47 billion, up 16 percent from $3.86 billion.
Following it's earnings announcement, Wells Fargo said its chairman, Paul Hazen, has given up day-to-day management duties at the bank 14 months after helping sell it to the Norwest Corp.
Chief Executive Officer Richard Kovacevich will take over Hazen's operating duties.
During 1999, Wells Fargo converted two banking states and 450,000 banking households to common systems. The company plans an additional 40 separate systems conversions in 2000 including systems integrations in 19 banking states, acquisitions, and new product introductions.
Net income for the entire year was $3.75 billion, up 29 percent from $1.95 billion in 1998. Earnings per share for the year were up 27 percent to $2.23.
Revenues were $16.76 billion vs. $15.42 billion. |
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| To: Troll_29 who wrote (1246) | 1/24/2000 5:27:00 PM | | From: Jan Crawley | | | |
I am not getting 29% to go from 1.95 B to 3.75 B?
Can anyone help?
It's sorta complicated and I am not sure how to sort it out: the 1998's F/S was restated for the merger - old Wells Fargo/Norwest Corp. |
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| To: Lynn who wrote (1243) | 1/25/2000 8:41:00 AM | | From: Doug (Htfd,CT) | | | |
Wells Fargo was listed with "sharks" in NYT article re insurance industry consolidation. Mergers and acquisitions in the insurance industry will accelerate the consolidation of the industry, according to Joseph Treaster's article in the Sunday New York Times for 1/23/00.
Treaster quotes David D'Alessandro, the President/COO of John Hancock as saying that "its getting down to the eaters and the eatees." He points to the Congress' elimination of the long-standing legal barriers between banking, brokerage and insurance.
Efficiency is one goal of such mergers, says Treaster, citing company strategies of running two merged companies with the management of one. He quotes Jeff Sawyer, in charge of insurance at Deloitte Consulting: "Within the next five years, you are going to see a dramatically smaller number of American insurance companies."
At the time of this writing, the article was available in the online archives at nyt.com . The story, titled "Going Public Amid Sharks" includes a list of 19 public companies the Times nominates as "sharks," "predator or prey" and as "bait," and discusses which are more likely to eat and which to be eaten. Half of the "sharks" listed are banks or stock brokers.
How likely is Wells Fargo to be getting into the insurance business through such a purchase, in light of the talk of the possible merger with FTU and CMB?
Doug
Port4.com - a free port for dot com pioneers
"Virtual bull sessions" about e-business, e-finance and e-insurance
at port4.com |
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| To: Doug (Htfd,CT) who wrote (1248) | 1/27/2000 1:06:00 AM | | From: David C. Burns | | | |
Wells Fargo & Company Increases Cash Dividend
SAN FRANCISCO--(BUSINESS WIRE)--Jan. 25, 2000--Wells Fargo & Company (NYSE:WFC) today announced an increase in its quarterly common stock dividend to 22 cents per share from 20 cents per share. The dividend is payable on March 1, 2000 to stockholders of record on February 4, 2000.
Wells Fargo's last dividend increase was effective June 1, 1999, when the dividend was raised from 18.5 cents per share to 20 cents. Wells Fargo has approximately 1.6 billion shares of common stock outstanding.
Wells Fargo & Company is a $218 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance through about 6,000 stores, the Internet and other distribution channels across North America, including all 50 states, and elsewhere internationally.
CONTACT:
Wells Fargo
Media: Mary Rodrigues, 415/396-3606
or
Investors: Robert S. Strickland, 415/396-0523 |
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